[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[REGTaker]

@CPAHopeful–That is actually a bad question that will be fixed on the next update. The 2014 limit for using the 179 depreciation is $200,000 and it phases out. She wasn't allowed to take the $25,000 Section 179 deduction because her purchases were over $200,000 + the dollar for dollar phase out. Chances are they will give you the Macrs chart on the exam, but if they don't then you need to know that the way they get the .1429 amount is by using double declining and half year convention (2/7*1/2)=.1429. Is that what you are having trouble with?

[Anonymous]

Ah gotcha, thanks.

So the phaseout is 200,000 now? But the expense is still 25,000?

[REGTaker]

The amount of the deduction is $25,000 for purchases up to $200,000. Anything you purchase over $200,000 reduces the deduction you can take dollar for dollar. Example, If you purchase $210,000 you would deduct $10,000 (amount over $200,000) from the $25,000. So your allowable Section 179 deduction would be $25,000-$10,000=$15,000.

[REGTaker]

Then you deduct the Section 179 expense from your total purchases to get the number you multiple the MACRS percentages/fractions by. So for the example above you would have $210,000-$15,000 (Section 179 allowable deduction after phase out) = $195,000 * .1429 = $27,857. The total depreciation you would have for those purchases in year 1 would be $27,857 + $15,000 = $42,857.

[Anonymous]

Thanks, I've been putting off with the depreciation section until next week a few days before the exam.

Are you doing better on BLAW now?

[REGTaker]

No and the more quizzes I take, the worse I do. I'm just over it, but I am going to sleep soon and tomorrow I will go through each section of notes, reading them thoroughly, take a 20-30 question quiz on each section, then go to the next section. I am going to make a one page list of things that I keep forgetting to read over multiple times on Saturday morning, and then hope for the best. At this point I feel like I either know it or I don't, but I need a refresher on everything one last time before the exam. How are you doing?

[Anonymous]

I'm doing okay, I just don't like doing too many BLAW problems since they are so long. I have a short attention span so I just try to about 20 of them for each section.

[REGTaker]

I agree with that. I know it's going to hurt me on the exam, but I couldn't get through all the MCQ for Blaw. There are just too many of them and most of them are long. At this point, I can't read more than a few sentences for a MCQ without getting distracted. This always happens to me right before a test. We'll get it. I assume you extended into December so my advice for you is to lay off the MCQ and focus on your notes. Rewrite problem areas if you can, but just go through them thoroughly. Ask questions if you come across something that you don't understand and then pick back up the MCQ on Monday or tuesday. It will help to give your mind that break so you don't get too burnt out before the exam.

[REGTaker]

It's almost 1 a.m. here so I'm going to try to get a good amount of sleep and get back to it in the morning. Good luck!! I'll see you tomorrow if you're studying. 🙂

[Anonymous]

Yeah, I extended it until the 5th.

I read either my notes or the book for much of my studying session and then end it by doing about 150 MCQs a day with 7 or 8 sims. I'm doing all the troubled questions now and there are quite a few questions on the senate, house of representatives, ect. I don't really recall ever running across that during my review.

[REGTaker]

I think you just have to memorize those. I don't remember reading them in my text either so I was surprised to get questions on them in Ninja. It bothers me when I get stuff I've never seen before but then I think, good to know for 1 point just in case. I wish I had followed your method. I've hardly reviewed my notes at all. 🙁 Doing that today. I hope it's not too late.

[REGTaker]

Knocking out these topics one by one today. Started with Property transactions. Did well. Moving on to federal tax process. How is everyone's studying going today and what are you doing in your final days?

[Anonymous]

I'm working on SIMS and Bus Law today. My sister and I worked on flashcards yesterday and it was… eye opening. Quizzing is SO much more difficult without 4 answers to compare. I'm glad she pushed me to finish when I wanted to quit, and I feel like I picked up some more knowledge. How was your Thanksgiving, REGTaker?

[REGTaker]

Mirrored yours. My brother quizzed me on Flashcards yesterday. It was interesting and I agree….I need those 4 answers. 🙂 It helped and I was grateful for the MCQ break without feeling guilty for not studying at all. And the food was good. 🙂 I have a really bad habit of starting with my good areas to build up my confidence so I have done Property transactions and federal tax planning…trending in the 90s for both of those and individual tax. I'm going to move on to Ethics, then focus on blaw and corps, which are my two worst areas. I'll probably spend the remainder of the day on those two bad areas. Uggg. Not looking forward to it. I don't know why I can't keep everything straight in my head. I feel like the more I study, the more mixed up I get.

[CPAfit]

Hey @mommy/regtaker & @bucky how are you guys? I think it's safe to say that I'm kind of freaking out at the moment. I'm going through the Becker book, since I didn't make any notes of my own and doing progress tests and SIMS in between. I've reached the point, where I've managed to memorize most of the Becker answers for the MCQs, so trying not to get burnt out on those and focusing more on the book reading. I'll start with Ninja Audio first thing tomorrow morning and keep at it during my flight. Once I land and freshen up a bit, I'll start with the Ninja notes and keep reviewing it until exam time which is on Sunday 7:00 am. I just hope to keep all the rules straight and not confuse one with the other on game day.

[Author]

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